The San Diego based ClosingCorp recently surveyed 1,000 homebuyers who purchased a house before and after the new CFPB TRID guidelines. The survey produce interesting positive and negative responses, so without further delay The Survey Says!!!
Negative Responses:
- 64% of those who responded said it was easier go get a mortgage under the old rules than under TRID.
- 57% said it took longer to get a mortgage under TRID than it did before TRID.
- 51% felt there was more "unexpected costs, fees, and surprises" with their new mortgage under TRID.
Positive Responses:
- 63% said the new TRID forms the Loan Estimate (LE) and Closing Disclosure (CD) were easier to understand than the Good Faith Estimate (GFE) and HUD-1.
- 68% felt the new disclosures LE & CD prepared them better for the closing costs they would pay at the Closing.
- 65% stated the LE & CD explained the costs and fees better than the GFE & HUD-1.
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78% like that the LE indicates which service providers they are able to shop for such as:
- Title Company
- Personal Representation Attorney
- 74% elected to shop for the service providers they were allowed to shop for
- 55% stated they saved money by shopping for the service providers they were allowed to shop for.
While the number of positives seem to outweigh the number of negatives, the survey clearly indicated the new rules under TRID have added to the time and stress to the mortgage process. The survey also clearly indicates more work needs to be done in educating Homebuyers, and eliminating surprises.
I agree with the conclusion there are still suprises that need to be eliminated, especially with the time requirement TRID has added to the mortgage process. I also found what The Survey Says, to be very reflective of what my Borrowers are experiencing and saying about the new TRID guidelines.
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Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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